Nuveen LLC Takes Position in WesBanco, Inc. $WSBC

Key Points

• Nuveen LLC has acquired a new stake in WesBanco, Inc., purchasing 719,716 shares valued at approximately $22.28 million, representing 1.08% of the company.
• The company's quarterly earnings exceeded expectations, with an EPS of $0.91, beating the consensus estimate of $0.87, while revenues were slightly below expectations at $260.73 million.
• WesBanco announced a quarterly dividend of $0.37 per share, translating to an annualized yield of 4.7%, with a payout ratio of 89.16%.

Nuveen LLC bought a new position in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 719,716 shares of the financial services provider's stock, valued at approximately $22,282,000. Nuveen LLC owned about 1.08% of WesBanco at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in WesBanco by 40.3% during the first quarter. Vanguard Group Inc. now owns 9,413,008 shares of the financial services provider's stock worth $291,427,000 after buying an additional 2,702,469 shares during the last quarter. Earnest Partners LLC increased its stake in shares of WesBanco by 27.1% in the fourth quarter. Earnest Partners LLC now owns 1,777,002 shares of the financial services provider's stock worth $57,824,000 after purchasing an additional 379,386 shares during the period. Bank of America Corp DE lifted its position in shares of WesBanco by 8.2% during the 4th quarter. Bank of America Corp DE now owns 1,537,252 shares of the financial services provider's stock worth $50,022,000 after purchasing an additional 116,796 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of WesBanco by 27.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,110,758 shares of the financial services provider's stock worth $34,389,000 after purchasing an additional 238,723 shares during the last quarter. Finally, Segall Bryant & Hamill LLC boosted its stake in WesBanco by 14.2% during the 1st quarter. Segall Bryant & Hamill LLC now owns 891,580 shares of the financial services provider's stock valued at $27,603,000 after purchasing an additional 111,136 shares during the period. 61.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on WSBC shares. Royal Bank Of Canada dropped their price target on WesBanco from $36.00 to $34.00 and set a "sector perform" rating on the stock in a research report on Thursday, May 1st. Keefe, Bruyette & Woods cut their target price on shares of WesBanco from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $38.83.

WesBanco Stock Performance

Shares of WSBC stock traded up $1.64 during mid-day trading on Friday, reaching $32.83. The stock had a trading volume of 548,758 shares, compared to its average volume of 527,425. WesBanco, Inc. has a one year low of $26.42 and a one year high of $37.36. The firm has a market cap of $3.15 billion, a PE ratio of 19.78 and a beta of 0.87. The firm's 50 day simple moving average is $31.54 and its 200 day simple moving average is $31.53. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.57.

WesBanco (NASDAQ:WSBC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.04. WesBanco had a return on equity of 7.29% and a net margin of 11.65%.The company had revenue of $260.73 million for the quarter, compared to analyst estimates of $261.14 million. During the same quarter last year, the firm earned $0.49 EPS. On average, analysts forecast that WesBanco, Inc. will post 3.24 EPS for the current year.

WesBanco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.5%. WesBanco's payout ratio is presently 89.16%.

WesBanco Profile

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.